The recipe for transformation
The common theme running through our country and the discussions at the conclave is Transformation. Prime Minister Narendra Modi ran his election campaign on the promise of a New India. At the start of his new term, he also promised to grow India's economy to $5 trillion over the next five years.
Almost immediately after, voices of concern began to emerge across the country. India's GDP is down to 5 per cent. Manufacturing growth has slid to 0.6 per cent. Unemployment is at a 45-year high. MSMEs, which are the backbone of our economy, are badly hit. Sales in the auto sector and the FMCG sector have slumped. Real estate is in the doldrums, lending is sluggish. Consumer and corporate sentiment are low. And India is reeling under many global headwinds.
This slowdown is an opportunity for both deep introspection and concrete action. The crisis is an opportunity for real transformation. As they say, one should never waste a good crisis. That's when people are most willing to accept change.
I have always believed India is a rich country with poor people. We are rich in natural resources and we are a
